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Toray’s Fibers and Textiles division reported a first half operating profit of 10.05 billion Yen ($90 million), up by 6.7% on a year ago. Sales increased by 5.1% to 224.22 billion.
Toray comments that overall domestic sales increased. A decline in polyester staple fibre (PSF) was outweighed by increases in other products. For example, whilst PSF sales declined, polyester filament fibre showed strong growth in both apparel and industrial markets. Sales of nylon yarns expanded on the back of a shift to higher margin products in apparel applications, whilst increased demand for airbags boosted industrial use.
Overseas sales also increased, aided by increases at PSF and polyester filament operations in Thailand and polyester filament operations in China. Overall, Fibers and Textiles sales in the six months to Sept. 30, 2004, were 5.1% higher than the corresponding period last year (224.22bn. vs. 213.38bn.). Operating profit was 10.05bn. vs. 9.42bn. a year ago, an increase of 6.7%.
Toray has embarked on a second stage of corporate reform with Project NT-II (New Toray II), building on the success of its Project NT21 launched in April 2002. NT-II has a medium term objective of building a dynamic and highly profitable corporate group and has a much more ‘offensive’ approach than previously.
NT-II will continue with initiative to achieve further reductions in total costs across the entire group. At the same time each of Toray’s businesses will be expected to improve income by increasing the share of high-margin products and regain profitability or at the very least cut losses from unprofitable product lines in otherwise profitable businesses. The strategy also involves expanding and reinforcing businesses that rank number one in their fields globally. Toray says that this list includes its polyester-cotton blended textiles, man-made suede and carbon fibre composites businesses.
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